We spent over 100 hours testing robo-advisors, opening and funding an account with each robo to acquire a true client experience and find the best robo advisors
. In this comparison, we will compare Merrill Edge Guided Investing vs Wealthfront to see which robo-advisor is better.
First, let’s take a look at the fees of these two investment advisors. Cost is broken down into both the annual management fee charged each year as well as the expense ratios charged by the ETF holdings themselves. Wealthfront is a better option with a 4.50 star rating over Merrill Edge Guided Investing's 3.00 star rating.
Looking at both robo-advisors, we can also explore their features. Wealthfront makes tax-loss harvesting available to clients, while Merrill Edge Guided Investing does not. For running predictions on retirement, clients will want to use a retirement calculator. Wealthfront offers an advanced retirement calculator while Merrill Edge Guided Investing does not. Tracking personal financial goals can also be important. Wealthfront offers goal tracking while Merrill Edge Guided Investing does not. Finally, the ability to import and aggregate third-party financial accounts for holistic analysis can be particularly useful. Merrill Edge Guided Investing alongside Wealthfront offer external accounts analysis.
Lastly, tech savvy Millennials may find it valuable to have access to customer service through phone, email, and live chat. However, not every robo-advisor offers live chat support. Merrill Edge Guided Investing offers live chat support while Wealthfront does not.
Overall, both Merrill Edge Guided Investing and Wealthfront share a rating of 4.00 stars. And, as far as individual category awards go, Wealthfront posted awards Best in Class - Cost in 2017, while Merrill Edge Guided Investing found itself with Best in Class - Customer Service.